PDF Davis New York Venture Fund

Davis New York Venture Fund

July 31, 2021

Long-Term Capital Appreciation

Davis New York Venture Fund is one of the nation's premier large cap domestic equity funds. For more than 50 years, our time-tested investment discipline has been applied to build and preserve wealth. Since 1969, a hypothetical $10,000 invested in the Fund com pounded to more than $3.5 million vs. $2.0 million for the market.

?Why Invest in Davis New York Venture Fund

?Equity-Focused Research Firm: Established in 1969, Davis is a leading specialist in equity investing. Our primary focus on equity research and unique investm ent discipline has built wealth for our clients over the long term.

?Portfolio of Best of Breed Businesses: Utilizing rigorous independent research, we invest in durable, well-managed businesses with sustainable competitive advantages and attractive long-term growth prospects selling at a discount to their true value.

?Attractive Results: The Fund outperformed the index in 78% of all 10 year periods since inception.1

?Experienced Management Chris Davis, 32 years with Davis Advisors Danton Goei, 23 years with Davis Advisors

?Our Investment Alongside Our Shareholders

We have more than $2 billion invested in Davis Strategies and Funds.2

?Fund Facts

Inception Date (Cl?A) Total Net Assets Active Share

2/17/69 $9 billion

83%

?Symbols

A Shares C Shares Y Shares R Shares

NYVTX NYVCX DNVYX NYVRX

?Expenses3

Expense Ratio (Cl?Y)4 vs. Lipper Category Average Expense Ratio (Cl?A)4 vs. Lipper Category Average

0.65% vs. 0.65% 0.90% vs. 0.84%

?Top 10 Holdings

Capital One Financial Wells Fargo Berkshire Hathaway Alphabet Applied Materials U.S. Bancorp Facebook Alibaba Group Holding Intel Texas Instruments

?Sectors

Financials Information Technology Consumer Discretionary Communication Services Health Care Industrials Consumer Staples Materials Energy Real Estate Utilities

Fund Index

8.3% 7.8 6.1 5.4

0.2% 0.5 1.4 4.3

5.4 0.4 4.6 0.2 3.8 2.3

3.7

--

3.6 0.6

3.3 0.5

Fund

51.3% 13.1 12.3 12.2

5.1 4.2 1.0 0.8 0.0 0.0 0.0

Index

12.1% 26.6 12.1 11.2 13.4

8.4 5.9 2.6 2.6 2.6 2.5

DNYVF Grew to Almost Twice the Value of the Index

Davis New York Venture Fund S&P 500 Index

?Flexible, Opportunistic Approach: We believe a bottom-up stock selection process and not mirroring the benchmark index are keys to long-term outperformance.

?We Are One of the Largest

Shareholders: We have a unique

commitment to stewards hip, gener

ating attractive long-term results,

K

managing risks and minimizing fees.

The average annual total returns for Davis New York Venture Fund's Class A shares for periods ending June 30, 2021, including a

maximum 4.75% sales charge, are: 1 year, 45.88%; 5 years, 14.89%; and 10 years, 11.87%. The performance presented represents

past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor's shares may be worth more or less than their original cost. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 0.90%. The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Current performance may be higher or lower than the performance quoted. For most recent month-end performance, visit or call 800-279-0279.

The Equity Specialists

Performance statements herein are representative of the Fund's Class A shares without a sales charge. Inception date is 2/17/69. As of 7/31/21. The market is represented by the S&P 500 Index. There is no guarantee Davis New York Venture Fund will continue to outperform the market over the long term. Past performance is not a guarantee of future results. 1. All periods ended 6/30/21. 2. Includes Davis Advisors, Davis family and Foundation, our employees, and Fund directors. As of 6/30/21. 3. Class Y Shares Fund expense ratio is compared to the Lipper Large Cap Core Category Average for institutional shares. Class A Shares Fund expense ratio is compared to the entire Lipper Large Cap Core Category Average. As of 6/30/21. 4. Net expenses. As of most recent prospectus. As of 6/30/21.

This piece is authorized for use by existing shareholders. A current Davis New York Venture Fund prospectus must accompany or precede this piece if it is distributed to prospective shareholders. You should carefully consider the Fund's investment objective, risks, charges, and expenses before investing. Read the prospectus carefully before you invest or send money.

The Fund generally uses Global Industry Classification Standard ("GICS") as developed by Morgan Stanley Capital International and Standard & Poor's Corporation to determine industry classification. GICS presents industry classification as a series of levels (i.e. sector, industry group, industry, and sub-industry).

Davis Funds has adopted a Portfolio Holdings Dis closure policy that governs the release of non-public portfolio holding information. This policy is described in the statement of additional information. Visit or call 800-279-0279 for the most current public portfolio holdings information.

Objective and Risks. Davis New York Venture Fund's investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. The Fund invests primarily in equity securities issued by large companies with market capitalizations of at least $10 billion. Some important risks of an investment in the Fund are: stock market risk: stock markets have periods of rising prices and periods of falling prices, including sharp declines; common stock risk: an adverse event may have a negative impact on a company

and could result in a decline in the price of its common stock; financial services risk: investing a significant portion of assets in the financial services sector may cause the Fund to be more sensitive to problems affecting financial companies; foreign country risk: foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified. As of 7/31/21, the Fund had approximately 21.4% of assets invested in foreign companies; headline risk: the Fund may invest in a company when the company becomes the center of controversy. The company's stock may never recover or may become worthless; large-capitalization companies risk: companies with $10 billion or more in market capitalization generally experience slower rates of growth in earnings per share than do mid- and small-capitalization companies; manager risk: poor security selection may cause the Fund to underperform relevant benchmarks; depositary receipts risk: depositary receipts may trade at a discount (or premium) to the underlying security and may be less liquid than the underlying securities listed on an exchange; emerging market risk: securities of issuers in emerging and developing markets may present risks not found in more mature markets; fees and expenses risk: the Fund may not earn enough through income and capital appreciation to offset the operating expenses of the Fund; foreign currency risk: the change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency; and mid- and small-capitalization companies risk: companies with less than $10 billion in market capitalization typically have more limited product lines, markets and financial resources than larger companies, and may trade less frequently and in more limited volume. See the prospectus for a complete description of the principal risks.

Outperforming the Market. Davis New York Venture Fund's average annual total returns for Class A shares were compared against the returns of the S&P 500 Index as of the end of each quarter for all time periods shown from 2/17/69, through 6/30/21. The Fund's returns assume an investment in Class A shares on the first day of each period with all dividends and capital gain distributions reinvested for the time period. The returns are not adjusted for any sales charge that may be imposed. If a sales

charge were imposed, the reported figures would be lower. The figures shown reflect past results; past performance is not a guarantee of future results. There can be no guarantee that the Fund will continue to deliver consistent investment performance. The performance presented includes periods of bear markets when performance was negative. Equity markets are volatile and an investor may lose money. Returns for other share classes will vary.

Forward Price/Earnings (Forward P/E) Ratio is a stock's current price divided by the company's forecasted earnings for the following 12 months. The values for the portfolio and index are the weighted average of the P/E ratios of the stocks in the portfolio or index.

Five-Year EPS Growth Rate is the average annualized earning per share growth for a company over the past five years. The values for the portfolio and index are the weighted average of the five-year EPS Growth Rates of the stocks in the portfolio or index.

The S&P 500 Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.

After 10/31/21, this material must be accompanied by a supplement containing performance data for the most recent calendar quarter.

The Equity Specialists is a service mark of Davis Selected Advisers, L.P.

Shares of the Davis Funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.

Davis Distributors, LLC 2949 East Elvira Road, Suite101, Tucson, AZ 85756 800-279-0279,

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